Volume 27, Issue 1, August 2019, Pages 202–234
Bobo B. KABUNGU1, Pascaline NTABUGI BARAKOMERWA2, and Water NSONGOLO SIKATOMISA3
1 Doctorant en Business International, Assistant de Recherche au Centre de Recherche en Sciences Humaines (CRESH), RD Congo
2 Master 2 en Economie Monétaire et Financière, RD Congo
3 Licence en Economie Monétaire, Assistant à la Faculté des Sciences Economiques et de Gestion à l’Université de Kinshasa (UNIKIN), RD Congo
Original language: French
Copyright © 2019 ISSR Journals. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
The Central Bank of Congo uses the quantitative theory of money to consider the money supply and the monetary base, respectively as intermediate and operational objectives, in order to achieve price stability. This study verifies, through an econometric approach, whether the three prerequisites relating to (i) the stability of the money demand, (ii) the controllability of the aggregates and (iii) their content in information are met. It reaches the conclusion that only the first two are met for the Congolese case and thus launches the debate on the choice of a strategy more adapted to the context.
Author Keywords: monetary targeting, money supply, inflation rate, Central Bank of Congo, demand for money, controllability of aggregates, information content.
Bobo B. KABUNGU1, Pascaline NTABUGI BARAKOMERWA2, and Water NSONGOLO SIKATOMISA3
1 Doctorant en Business International, Assistant de Recherche au Centre de Recherche en Sciences Humaines (CRESH), RD Congo
2 Master 2 en Economie Monétaire et Financière, RD Congo
3 Licence en Economie Monétaire, Assistant à la Faculté des Sciences Economiques et de Gestion à l’Université de Kinshasa (UNIKIN), RD Congo
Original language: French
Copyright © 2019 ISSR Journals. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
Abstract
The Central Bank of Congo uses the quantitative theory of money to consider the money supply and the monetary base, respectively as intermediate and operational objectives, in order to achieve price stability. This study verifies, through an econometric approach, whether the three prerequisites relating to (i) the stability of the money demand, (ii) the controllability of the aggregates and (iii) their content in information are met. It reaches the conclusion that only the first two are met for the Congolese case and thus launches the debate on the choice of a strategy more adapted to the context.
Author Keywords: monetary targeting, money supply, inflation rate, Central Bank of Congo, demand for money, controllability of aggregates, information content.
Abstract: (french)
La Banque Centrale du Congo se sert de la théorie quantitative de la monnaie pour utiliser la masse monétaire et la base monétaire, respectivement comme objectifs intermédiaire et opératoire, en vue d’atteindre la stabilité des prix. Cette étude vérifie, grâce à une démarche économétrique, si les trois préalables relatifs (i) à la stabilité de la demande de monnaie, (ii) à la contrôlabilité des agrégats et (iii) à leur contenu en information sont réunis. Elle parvient à la conclusion selon laquelle seuls les deux premiers le sont pour le cas congolais et lance ainsi le débat sur le choix d’une stratégie plus adaptée au contexte.
Author Keywords: ciblage monétaire, masse monétaire, taux d’inflation, Banque Centrale du Congo, demande de monnaie, contrôlabilité des agrégats, contenu en information.
How to Cite this Article
Bobo B. KABUNGU, Pascaline NTABUGI BARAKOMERWA, and Water NSONGOLO SIKATOMISA, “CIBLAGE DES AGREGATS ET CONDUITE DE LA POLITIQUE MONETAIRE EN RDC : UNE VERIFICATION EMPIRIQUE DE 2005 A 2017,” International Journal of Innovation and Applied Studies, vol. 27, no. 1, pp. 202–234, August 2019.
